Overcoming the #1 Obstacle to Growth
There’s only one way you can get off the revenue roller-coaster and set your business up for growth: systems. Things are going to break in your business and the only way to minimize the impact of those roadblocks is to document and systematize solutions.
Today Chris digs into the significance of systems, how they motivate and empower your team, and how you can leverage them for scalability. He also shares how one merchant processor crippled the launch of a five-figure product and how establishing a system saved his team the next time there was an issue. This is the single most important thing you need for growth, so you can’t afford to miss this episode.
“You need to learn lessons fast in business and then systematize those lessons so you’re not doomed to repeat them.”
In this Episode:
- Why your business is on a roller-coaster of growth and why that’s making your team lose motivation
- The number one reason companies fail to scale
- The first thing you need to fix if you have a record of ups and downs in revenue
- What successful companies do differently when they hit a roadblock
- How a merchant processor almost crippled Chris’s business and the system his team created to make sure it never happened again
Other resources you will find helpful:
- 12 Steps to Business Growth – Strategic Report
- Stressed vs Stretched: Super Productivity for High Growth Entrepreneurs
- Knowing Your True Profit Boosters
Every business grows in chunks.
Unfortunately, most companies grow then they experience a correction, then they grow again, and correct again.
And it’s literally a rollercoaster of growth spurts.
And that causes plateaus and a loss of motivation in your team.
If you’ve ever hit a plateau in your growth then this could be a game-changer for you. Because today I’m going to share with you the best way we’ve found to experience steady predictable growth year over year in every industry I’m involved in.
Obstacle to Growth
It’s true that most companies fail to scale because although they might be great at driving in revenue. They suck at creating simple systems that can support their growth along the way.
In our venture capital company, I spend the majority of my time reviewing a company’s people and the systems before deciding if they’re worth investing time into.
Because if a company has a track record of ups and downs in their revenue, I know that the first thing we would need to do is fix their way of designing systems.
Because when a healthy company hits an obstacle, they get their team together, all hands on deck, all minds on board and they create a solution.
Then they need to take that solution back and test it.
Why You Need to Create A System
And if it fixes the problem, they need to create a system around it so everyone knows exactly how to solve the problem if it happens again (and it will happen again).
And finally, they need to put simple processes in place that says “If this happens, then we implement System #23”.
Let me tell you a story about how this almost crippled us at one point…
Years ago, we introduced a new product that was $18k
3 Stage Launch
Fast forward a year, I was in a Dubai getting ready to speak to a room of executives and that morning before I left for the meeting, I had a quick team meeting and my assistant told me that last night we had an issue with our merchant.
There was no problem!
Because we found a solution, we tested it, we created a system, and then we installed a process that said if this happens then immediately run this system.
And then we gave ownership of that process to someone I trust, and they followed it perfectly.
Systematize Your Lessons
You need to learn lessons fast in business, then systematize those lessons so you’re not doomed to repeat them over and over again.
So, you’ve got to ask yourself, what’s one area of your business that if you had a proven system in place for your life would be easier and your company would scale faster?
Write your answer below so I can see or share with us one area of your business that you already have a great system running.
What you’re going to find is that just the act of thinking about and writing down the areas that you know should be systematized better will help you get more clear on how to hit much bigger targets this quarter.
MEET CHRIS GUERRIERO
Chris is an entrepreneur, investor, bestselling author, and advisor to a handful of high growth companies.
He has built four 8-figure companies, developed winning leadership teams in six industries, and designed business systems that predictably grow multi-million dollar brands.
He’s been featured in financial periodicals such as: Success, Inc, Bloomberg TV, and in Entrepreneur as a top entrepreneurs of the time.
In addition to his own companies, Chris is also an advisor, investor and equity holder in companies across a variety of industries, including health, medical, digital advertising, legal and real estate.